The local housing market has become increasingly challenging for first-time homebuyers. With higher interest rates and home prices, they are now competing against cash buyers, investors, and parents helping their adult children purchase homes.

A Changing Market

A recent article in The Kansas City Star highlighted that baby boomers have become the largest group of homebuyers, often using cash generated from decades of accumulated equity. While this is a success story for the baby boomers, it poses a significant challenge for first-time buyers who are trying to enter the market.

The National Association of REALTORS® reported that first-time buyers represent the smallest share of home purchases on record. This should concern all of us, regardless of our age or where we are in life. Homeownership has long been one of the primary ways American families build wealth, with the typical homeowner’s net worth being approximately forty-three times greater than that of the typical renter.

Creating Opportunities

To ensure that today’s young families still have an opportunity to begin their journey to homeownership, we need communities that continue creating housing opportunities at a variety of price points. We need thoughtful redevelopment that keeps neighborhoods healthy and vibrant, as well as lending programs that help qualified buyers enter the market responsibly.

Every generation has faced obstacles, and today’s generation is no exception. However, with the right support and opportunities, they can still achieve their dream of homeownership and build long-term financial security.

Original reporting: Johnson County Post (Overland Park) — read the source article.